The deal will suspend the $16.7-trillion limit on the government's debt for several months, giving the Treasury renewed authority to borrow to pay the nation's bills. Officials had said they would be unable to pay them as of Thursday. The measure also will bring hundreds of thousands of federal workers back to work from furloughs.
Federal agencies will start to reopen Thursday morning, but some might not do so until Friday to give managers time to notify workers.
House Speaker John A. Boehner (R-Ohio), speaking earlier to his rank-and-file, said the party lost the battle but would live to fight another day. But the compromise was welcomed by moderates who had questioned the Republican strategy of using a must-pass spending bill as leverage to force changes to the Affordable Care Act.
“I’m genuinely pleased that cooler heads have finally prevailed,” Rep. Charlie Dent, a moderate Pennsylvania Republican, said shortly before the vote. The bill, he said, “must be supported, but it should not be celebrated.”